Posts Tagged ‘banks’
“It’s not reassuring,” said Kenneth Scott, a professor of law and business at Stanford Law School and former general counsel of the Federal Savings and Loan Insurance Corp. “There are more losses to be realized, but the question is the extent to which they are already reflected in values that banks are recording on their books.” Scott said it is unclear whether Bank of America should have disclosed more, though “as long as you don’t say anything that’s incorrect,” it is often acceptable to wait on disclosing deterioration.
A Wisconsin bank was hit by losses and took money from the TARP program. Now they are laying off. Marshall & Ilsley Corp., Wisconsin’s largest bank, is cutting 830 jobs and slashing its dividend after posting a fourth-quarter net loss on borrower defaults. The stock dropped 18 percent in early trading.
Here is a list of the largest banks in the world at the end of 2008:
1. Industrial & Commercial Bank of China, ICBC (China)
2. Bank of America (US)
3. HSBC Holdings (UK)
4. China Construction (China)
5. Bank of China (China)
6. JPMorgan Chase (US)
7. Citigroup (US)
8. Wells Fargo (US)
9. Banco Santander (Spain)
10. Mitsubishi UFJ Financial, MUFG (Japan)
What was net net effect in 2008 of the bursting mortgage bubble? In all of 2008, employers announced 1,223,993 job cuts, which was the largest number of job cuts announced in a year since 2003, when employers announced 1,236,426 job cuts. The economy continues to sour, and with less spending power homeowners are guarded when it comes to expenses.
Upon review the government Troubled Asset Recovery Program (TARP) falls short in many areas. Mr. Paulson bragged that President Bush never contested anything he (Paulson) said. Nothing proposed was overridden. What was not accomplished, however, says much about both men. There was no proposal to fund, help, or bail out retired or active duty military. There was no proposal to immediately assist the elderly, or said another way, those receiving social security benefits. No programs were created or funded to assist those retired from government service. No thought was given to those who supported, defended, and continue to support this country. Mission accomplished? I think not.